Peter Som Sold To NRDC

Peter Som has sold two-thirds of his company to NRDC, the group which recently purchased Lord & Taylor. WWD said that according to market sources "NRDC paid about $10 million for a two-thirds interest in Peter Som Inc., which has a wholesale volume of $7 million to $8 million, has been breaking even and is getting closer to profitability."

In a move that I think we'll see more of, Som was able to retain control of his name should the partnership dissolve. This has been a sticking point for many young designers seeking money. Having seen Helmut Lang, Jil Sander and, more recently, Roland Mouret lose control of their names when partnerships went bad many have been afraid to take on backers.

One thing I am curious about is why NexCen didn't buy Som. They've recently hired him to design for their Bill Blass label and I would have thought they'd want to keep him close. Luckily, I'm going to meet NexCen C.E.O. Robert D'Loren in an hour for a video interview. Tune in later to see what he as to say about Som and the future of his multi-brand group.